11th May 2017

Webinar on PCI DSS and MiFID II

Written by Spitch

Over 2600 financial services companies in the UK are affected by PCI DSS, the forthcoming Markets in Financial Instruments Directive second version (MiFID II), and other regulatory provisions that require audio records to be retained.

Scanning the horizon for new solutions and disruptive technologies that can make a meaningful contribution to optimizing the compliance costs is, therefore, part of the job description for a fairly large cohort of executives in the financial sector.

To take one example, MiFID II comes into effect on 3 January 2018. It will aim to update and improve the way the capital markets function, strengthen the transparency of trading & the level of protection in wholesale and retail business environments.

The FCA has proposed that financial advisers and certain regulated counterparties where trading room conversations are routinely recorded must record and store telephone conversations with clients to help resolve disputes between firms and their clients. It is expected that calls will need to be stored for, at least, three years and that call data should be easily accessible.

To make this work in practice, firms will need to ensure that audio archives are fully searchable. Another important consideration is that all the new conversations will need to be indexed in real time to provide for easy search and retrieval, in both manual and automatic modes.

Contact centre solutions presently in use in the UK do not allow comprehensive search by keyword or key phrase. While there is some indexing functionality, it only delivers large chunks of conversations that need to be listened to by a human being to precisely identify the issue in question.

New solutions delivering bulk archiving, indexing and keyword/key phrase searching will be of interest to many financial intermediaries (e.g. interdealer brokers) in addition to banks and financial advisors.

In addition to making audio archives fully searchable by keyword deploying a specially trained Automatic Speech Recognition engine, Spitch has recently implemented a solution that helps decrease PCI DSS compliance costs with one of the major telecoms companies in the U.K.

The client wanted to use voice input (card number dictation) for their product that would process the transactions with the payment service provider automatically, excluding the call centre agent involvement. Spitch has met this need in an easy and elegant way:

  • When the customer would like to make a payment by credit card, the call centre agent steers the call to a dedicated app;
  • The app asks the credit card number and CV code and sends the audio stream to Spitch ASR server;
  • The app then sends credit card number and CV code received from Spitch ASR server to payment service provider;
  • The app returns the call to the agent with the result from payment service provider.

The error rate was considerably reduced when compared to data provided by the previous speech tech suppliers.

This underlines the importance of combining focused adjustment and fine-tuning of solutions with easy scalability and reasonably quick fully-fledged implementation.

For more information please register here for our webinar to be held on 11 May 2017, or contact us directly.

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